Lockheed agrees to $19.5 mln class-action accord -court papers

February 20, 2013|Reuters

Feb 20 (Reuters) - Lockheed Martin Corp has agreedto pay $19.5 million to settle a securities fraud class-actionlawsuit accusing it of misleading investors about the expectedperformance of its information technology division, according tocourt papers.

The settlement, which requires a judge's approval, wasdetailed by the plaintiffs in papers filed in U.S. DistrictCourt in New York late Tuesday.

The accord would resolve more than two years of litigationby shareholders who blamed the company's alleged misstatementsfor a decline in Lockheed's stock price.

Kelli Raulerson, a spokeswoman for Lockheed, and SamuelRudman, a lawyer for the plaintiffs at Robbins Geller Rudman &Dowd, both declined comment on Wednesday.